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  • Monthly Review Essays

About Prabhat Patnaik

Prabhat Patnaik is an Indian political economist and political commentator. His books include Accumulation and Stability Under Capitalism (1997), The Value of Money (2009), and Re-envisioning Socialism (2011).
  • say

    The Havoc caused by Say’s Law

    Originally published: The Havoc caused by Say’s Law on May 25, 2025 (more by The Havoc caused by Say’s Law)

    JEAN-BAPTISTE Say, a French economist who wrote in the late eighteenth century, had formulated a law to the effect that ‘supply creates its own demand’, which meant that there could never be an inadequate demand for the aggregate of goods produced in any economy.

  • Inside the walls of the small-town sausage plant which became a Neo-nazi prison

    Obliterating the truth about Nazi defeat

    Originally published: Peoples Democracy on May 18, 2025 (more by Peoples Democracy)  |

    NAZI Germany was basically defeated by the Soviet Union. The sacrifice made by the Soviet people in defence of their country in that war was utterly unimaginable.

  • Africa

    Neo-colonialism in West Africa

    Originally published: Peoples Democracy on May 11, 2025 (more by Peoples Democracy)  |

    Francophone Africa was never fully decolonised.

  • G7 with Trump and Modi

    Tariff negotiations and the farmers

    Originally published: Peoples Democracy on May 4, 2025 (more by Peoples Democracy)  |

    ELEMENTARY textbooks in economics invariably begin with a completely mythical concept: the concept of “perfect competition”, which is different from the concept of “free competition” that the classical economists and Marx had used.

  • What to Do (and What Not to Do) About the Pro-Palestine College Protests

    Terror on the campus

    Originally published: Peoples Democracy on April 27, 2025 (more by Peoples Democracy)  |

    Let us forget for a moment the fact that the very existence of Israel is an instance of ruthless settler colonialism that has displaced millions of Palestinians and taken over their land.

  • Donald Trump and Narendra Modi during a meeting in New Delhi, February 2020. Photo: IMAGO / Pradeep Gaur Mint

    How countries like India should not respond to Trump’s tariffs

    Originally published: Peoples Democracy on April 20, 2025 (more by Peoples Democracy)  |

    DONALD Trump has put off his proposed tariffs by ninety days; but countries like India have to respond to Trump’s measures whether now or after ninety days.

  • Trump and his tariffs. (Photo: progressive-charlestown.blogspot.com)

    Trump’s tariff aggression

    Originally published: Peoples Democracy on April 13, 2025 (more by Peoples Democracy)  |

    It is important for an intellectual position not only to be right but to be right for the right reasons; and the near-universal condemnation of Donald Trump’s aggressive imposition of tariffs, though right, is right for the wrong reasons.

  • Bellicosity

    Europe’s apparently puzzling bellicosity

    Originally published: Peoples Democracy on April 6, 2025 (more by Peoples Democracy)  |

    ONE of the puzzling phenomena in world capitalism today is the bellicosity displayed by Europe vis-à-vis Russia.

  • Data: Household financial liabilities decline sharply in 2019-20 factly.in

    Two alternative growth paradigms

    Originally published: Peoples Democracy on March 9, 2025 (more by Peoples Democracy)  |

    Nobody can claim that the rate of growth of agricultural production, especially of food grain production, has been higher in the neoliberal period than during the years of dirigiste development that preceded it; it may have been somewhat lower but let us agree that it is certainly no higher.

  • US

    Imperialism’s revival strategy

    Originally published: Peoples Democracy on March 2, 2025 (more by Peoples Democracy)  |

    The Trump strategy for the revival of imperialism amounts to having one’s cake and eating it too.

  • MUSK JUMPS AT A TRUMP RALLY IN PENNSYLVANIA IN OCTOBER. (AP PHOTO/EVAN VUCCI)

    The worldwide assault on working people

    Originally published: Peoples Democracy on February 23, 2025 (more by Peoples Democracy)  |

    The official hope is that the workers’ bargaining strength gets sufficiently lowered by having greater unemployment so that they cannot bargain for higher money wages to compensate for the price-rise, because of which inflation would eventually peter out.

  • U.S. President Donald Trump addresses the 74th session of the United Nations General Assembly, Tuesday, Sept. 24, 2019. (AP Photo/Richard Drew)

    The inhumanity engendered by capitalism

    Originally published: Peoples Democracy on February 16, 2025 (more by Peoples Democracy)  |

    While it is certainly true that Trumpism is not identical with capitalism per se, it would be a mistake to see Trumpism as a completely separate and alien phenomenon.

  • India Economic Growth 2024 - Dyann Yolane

    From export-led to consumption-led growth?

    Originally published: Peoples Democracy on January 26, 2025 (more by Peoples Democracy)  |

    A CHORUS of “establishment” voices, from consultancy firms to the financial press, has been demanding a boost to domestic consumption as a means of reviving the flagging growth rate of the Indian economy. The latest to join this chorus is the Reserve Bank of India which in its latest Bulletin has asked for a boost to consumption to “rekindle the animal spirits” of the “entrepreneurs” in the economy.

  • Tailor President McKinley measures an obese Uncle Sam for larger clothing, while Anti-Expansionists like Joseph Pulitzer unsuccessfully offer Sam a weight-loss elixir. As the nation increased its imperialistic presence and mission, many like Pulitzer worried that America would grow too big for its own good. John S. Pughe, “Declined With Thanks,” in Puck (September 5, 1900). Wikimedia.

    Economic response to U.S. imperialism

    Originally published: Peoples Democracy on January 19, 2025 (more by Peoples Democracy)  |

    U.S. imperialism in short believes that it can do whatever it likes, that it is a law unto itself.

  • The Interrelationship of FDI and GDP in European Transition Countries

    “GDP-NATIONALISM”

    Originally published: Peoples Dispatch on January 12, 2025 (more by Peoples Dispatch)  |

    There are at least three basic differences between European nationalism as it developed in the seventeenth century and the anti-colonial third world nationalism of the twentieth century.

  • When Narendra Modi came to power, the rupee rate was Rs 62.33 to the dollar. It has now crossed Rs 85.5.

    The curious case of strengthening dollar, falling rupee

    Originally published: NewsClicks.in on January 6, 2024 (more by NewsClicks.in)  |

    The primary cause of the rupee’s depreciation is the preference of the Indian rich to hold their wealth in the form of U.S. dollars rather than in Indian rupees.

  • Wikipedia Foreign policy of the Donald Trump administration - Wikipedia

    Trump’s threat of a tariff wall

    Originally published: Peoples Democracy on December 29, 2024 (more by Peoples Democracy)  |

    All this however is still in the realm of mere possibilities; what is more certain is the 10 per cent tax on global imports and the 60 per cent tax on imports from China.

  • Despite Modi, corruption is the order of the day both in private and public sectors

    Disempowering the people

    Originally published: Peoples Democracy on December 22, 2024 (more by Peoples Democracy)  |

    The aim of all fascistic governments is to disempower the people; and the Modi government is no exception.

  • The Hegemony of the Dollar

    Originally published: Peoples Democracy (more by Peoples Democracy)  |

    Liberal opinion holds that the international monetary and financial system is a device for promoting the interests of all participating countries by providing a convenient payments arrangement within which trade can be carried on. The reality however is altogether different: the international system is founded upon the hegemony of western imperialism, and in turn sustains this hegemony.

  • Neoliberalism

    Neoliberalism and before

    Originally published: Peoples Democracy on December 8, 2024 (more by Peoples Democracy)  |

    KARL Marx had once said that all criticism must begin with the criticism of religion.

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Also By Prabhat Patnaik in Monthly Review Magazine

  • The Drain of Wealth February 01, 2021
  • Neoliberal Capitalism at a Dead End July 01, 2019
  • The October Revolution and the Survival of Capitalism July 01, 2017
  • <em>Monopoly Capital</em> Then and Now July 01, 2016
  • Capitalism and Its Current Crisis January 01, 2016
  • Imperialism in the Era of Globalization July 01, 2015
  • Capitalism in Asia at the End of the Millennium July 01, 1999

Books By Prabhat Patnaik

  • Capital and Imperialism: Theory, History, and the Present March 10, 2021

Monthly Review Essays

  • US Imperialism in Crisis: Opportunities and Challenges to a Global Community with a Shared Future
    Sam-Kee Cheng A late 1940s Soviet poster showing a US military service member lounging on top of a German factory, smoking a cigar. The text beneath reads DER DOLLARIMPERIALISMUS [dollar imperialism].

    1. Introduction The predominance of US economic, political and military power in the world was established at the end of the Second World War.1 With just 6.3 percent of global population, the United States held about 50 percent of the world wealth in 1948. As the only power which had used nuclear weapons on civilian […]

Lost & Found

  • Journalism, democracy, … and class struggle
    Robert W. McChesney Bob McChesney on Saving Journalism

    Our job is to make media reform part of our broader struggle for democracy, social justice, and, dare we say it, socialism.

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